AML Communications Inc. announces results for fourth
quarter and fiscal year 1997
CAMARILLO, Calif.--(BUSINESS WIRE)--May 13, 1997--AML Communications Inc.
(NASDAQ:AMLJ) Tuesday announced that it reported a 102 percent increase in revenues to
$14.1 million for the fiscal year ending March 31, 1997, compared with $7.0 million for prior year.
Net income for fiscal year 1997 increased to $2.1 million, or 33 cents per share on 6,519,000
weighted average shares outstanding in comparison with net income of $1.2 million, or 23 cents
per share, on 5,160,000 weighted average shares outstanding for the previous year.
For the fourth quarter ending March 31, 1997, the company reported revenues of $2.5 million,
compared with $2.6 million for the same three-month period last year. Net income for the quarter
was $52,000, or 1 cent per share, on 6,518,000 weighted average shares outstanding in
comparison with net income of $458,000, or 7 cents per share, on 6,389,000 weighted average
shares outstanding for the three months ending March 31, 1996.
Jacob Inbar, chairman and chief executive officer of AML Communications, commented on the
announcement by saying: ``Although we are very satisfied with our year-over-year performance
both in revenue levels and net income results, we realize that the fourth quarter fell below
expectations. As previously announced in our pre-earnings release dated March 25, 1997, AML
witnessed a change in the cellular market during the latter half of the year and specifically in the
fourth quarter.
``As a result, we believe the company can expect its cellular revenue to continue to trend
downward through most of the upcoming year. Nevertheless, in the face of this challenge we are
very excited about the new fiscal year and the numerous opportunities we believe exist in other
related markets.
``The deployment of the PCS infrastructure presents several distinct opportunities given our recent
introduction of several amplifier products for this market. Additionally, the satellite communications
market which we successfully penetrated in the fourth quarter, and growth in overseas wireless
markets may provide further opportunities.
``In summary, we look back on the past fiscal year with a significant amount of pride as we
experienced both record earnings and revenues in light of rapid growth and a move into a new
facility. At the same time, we are looking into the eyes of the new fiscal year and its challenges with
the same amount of determination and commitment that has brought AML to where it is today.''
AML Communications designs, manufactures and markets multicarrier amplifiers, masthead
amplifiers and repeaters for the cellular, PCS, paging and other communications markets.
Statements in this news release that relate to future plans, financial results or projections, events or
performance are forward-looking statements and fall within the safe harbor of the Private
Securities Litigation Reform Act of 1995.
The company's actual results and financial position could differ materially from those anticipated in
the forward-looking statements as a result of a number of factors, including, but not limited to,
economic conditions, changing trends within the cellular industry, impact of competition, continued
opportunities in the PCS and satellite communications markets, the successful execution of the
company's product expansion plans and other risks and uncertainties described in detail under the
``Risk Factors'' section and elsewhere in the company's prospectus dated Dec. 12, 1995, as well
as in the company's other filings with the Securities and Exchange Commission.
AML COMMUNICATIONS INC.
Statements of Income
(In $000s except for per-share information)
Three Months Ended 12 Months Ended
March 31, March 31,
1997 1996 1997 1996
Net sales $ 2,460 $ 2,608 $14,091 $ 6,988
Cost of goods sold 1,496 1,218 6,892 3,181
Gross profit 964 1,390 7,199 3,807
Operating expenses:
Selling, general &
administrative 557 463 2,534 1,048
Research and development 386 289 1,510 852
Total operating expenses 943 752 4,044 1,900
Operating income 21 638 3,155 1,907
Interest expense
(income), net (50) (56) (208) (13)
Income before provision
for income taxes 71 694 3,363 1,920
Provision for income taxes 19 236 1,237 723
Net income $ 52 $ 458 $ 2,126 $ 1,197
Earnings per common share $ 0.01 $ 0.07 $ 0.33 $ 0.23
Weighted average number
of common shares
outstanding 6,518 6,389 6,519 5,160
NOTE: All share and per-share data have been adjusted to
give retroactive effect to the 3-for-2 stock split paid on
June 28, 1996.
AML COMMUNICATIONS INC.
Balance Sheets
(In $000s except for per-share information)
March 31, March 31,
1997 1996
Current assets:
Cash and cash equivalents $ 8,025 $ 6,312
Accounts receivable, net 1,910 1,549
Inventories 1,961 1,304
Other current assets 203 1,341
Total current assets 12,099 10,506
Property and equipment, net 1,963 949
Other assets 481 190
Total assets $14,543 $11,645
Liabilities:
Accounts payable $ 857 $ 600
Accrued liabilities 603 448
Income taxes payable 244 710
Current portion of long-term
capital leases 40 118
Total current liabilities 1,744 1,876
Capital lease obligations,
long-term 62 360
Total stockholders' equity 12,737 9,409
Total liabilities and
stockholders' equity $14,543 $11,645
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